Homework Answers
| Req. | Date | Accounts Title | Debit $'m | Credit $'m |
| a | Dec 31 2017 | Cost of Goods Sold | 111934 | |
| Inventories | 111934 | |||
| (COGS recorded for 2017 sale) | ||||
| b | Dec 31 2017 | Inventories | 116520 | |
| Accounts Payable | 116520 | |||
| (inventories purchased in 2017) | ||||
| Inv. Purchases = COGS+Cl. Inventory-Op. Inventory | ||||
| Inv. Purchases = 111934+16047-11461 = 116520 | ||||
| c | Dec 31 2017 | Accounts Payable | 107213 | |
| Cash | 107213 | |||
| (payment to suppliers for 2017 purchases) | ||||
| Payment to suppliers = Purchases + Op. AP balance - Cl. Balance | ||||
| Payment to suppliers = 116520 + 25309 - 34616 = 107213 | ||||
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